Well-structured ECS1500 Assignment 3 (ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED. (DETAILED ANSWERS - DISTINCTION GUARANTEED!). ..Question 1 (5 marks) Maximum word count: 100 words
A new video game has been released that requires the need of a specific gaming console called SUPER CONSOLE....
ECS1500
Assignment 3 Semester 1 2024
Unique Number: 638823
Due Date: 27 May 2024
QUESTION 1 (2 ANSWERS PROVIDED)
The release of the new popular video game will likely lead to an increase in demand for the
SUPER CONSOLE. As more people become interested in playing the game, they will need to
purchase the specific console in order to do so. This will shift the demand curve for the SUPER
CONSOLE to the right, indicating an increase in the quantity demanded at each price. As a
result, the equilibrium price and quantity of the SUPER CONSOLE will both increase. This will
be a positive development for the makers of the SUPER CONSOLE, as they will experience
higher sales and potentially greater profitability
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